ETHE vs. USO
ETHE (Grayscale Ethereum Trust ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index , while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, ETHE returned -11.85%/yr vs 23.67%/yr for USO. At a 0.06 correlation, their price movements are largely independent. ETHE charges 2.50%/yr vs 0.86%/yr for USO.
Performance
ETHE vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -40.50% return, which is significantly lower than USO's 97.72% return.
ETHE
- 1D
- -1.44%
- 1M
- -25.23%
- YTD
- -40.50%
- 6M
- -43.78%
- 1Y
- -33.45%
- 3Y*
- 21.42%
- 5Y*
- -11.85%
- 10Y*
- —
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
ETHE vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -40.50% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -57.08% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 17.09% |
Correlation
The correlation between ETHE and USO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019 | 0.06 |
The correlation between ETHE and USO shifts across timeframes, from -0.09 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETHE vs. USO — Risk / Return Rank
ETHE
USO
ETHE vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and United States Oil Fund LP (USO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ETHE | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.37 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 4.79 | -5.32 |
| Martin ratioReturn relative to average drawdown | -0.88 | 9.00 | -9.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ETHE | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | 2.21 | -2.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.66 | -0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | -0.18 | +0.24 |
Drawdowns
ETHE vs. USO - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for ETHE and USO.
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Drawdown Indicators
| ETHE | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -98.19% | +1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -63.69% | -20.39% | -43.30% |
Max Drawdown (3Y)Largest decline over 3 years | -66.12% | -26.05% | -40.07% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | -36.23% | -53.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -77.50% | -85.45% | +7.95% |
Average DrawdownAverage peak-to-trough decline | -72.23% | -75.30% | +3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.19% | 10.84% | +27.35% |
Volatility
ETHE vs. USO - Volatility Comparison
The current volatility for Grayscale Ethereum Trust ETF (ETHE) is 9.65%, while United States Oil Fund LP (USO) has a volatility of 14.97%. This indicates that ETHE experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETHE | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.65% | 14.97% | -5.32% |
Volatility (6M)Calculated over the trailing 6-month period | 45.28% | 38.35% | +6.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.22% | 44.32% | +23.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.25% | 36.09% | +46.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 191.78% | 39.00% | +152.78% |
ETHE vs. USO - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
ETHE vs. USO - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.37%, while USO has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.37% |
USO United States Oil Fund LP | 0.00% |
Frequently Asked Questions
ETHE and USO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.97%) compared to ETHE (9.65%). In terms of maximum drawdown, ETHE dropped -96.26% vs USO's -98.19%.
On 5-year performance, USO leads with 23.67% vs -11.85% for ETHE. On fees, USO is cheaper at 0.86% per year. On volatility, ETHE has been the lower-risk option at 9.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 23.67% return vs -11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.37%, compared with 0.00% for USO.
ETHE is categorized as Cryptocurrency, while USO is Oil & Gas. ETHE tracks CoinDesk Ether Price Index , while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Grayscale and USCF. Their fees differ too: 2.50% for ETHE and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs -0.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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